LPs

TCRS approves $120m in commitments to Drive, NEA

The Nashville-based public pension has re-upped with existing managers, including two venture firms.

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Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, US
AUM: $66.11 billion
Allocation to alternatives: 26.6%

Tennessee Consolidated Retirement System has agreed to commit $120 million across four funds at its December 2021 investment committee meeting, a contact at the pension informed affiliate Private Equity International.

The commitments are re-ups with existing fund managers.

The commitments include a total of $70 million to Drive Capital Fund IV and Drive Capital Overdrive Fund II. And the pension committed a total of $50 million to New Enterprise Associates 18 and NEA 18 Venture Growth Equity.

In November, NEA filed two regulatory documents to raise $6.6 billion combined for two separate funds.

Separately, TCRS agreed to commit $150 million to the private equity vehicle Great Hill Equity Partners VIII.

As illustrated below, TCRS allocates 10.3 percent of its full investment portfolio to private equity. The pension’s recent private equity commitments have been primarily to venture capital vehicles.